Common use of Cash Bonus Clause in Contracts

Cash Bonus. In the event of a Change of Control of the Company, as defined in subparagraph (d) below, while Executive is employed under this Agreement, and in consideration for his remaining in the employment of the Company for one year following the date of the Change of Control, Company shall pay to Executive a bonus equal to two (2) times Executives' then current base salary. This bonus shall be in addition to Executive's regular salary and other forms of compensation. Such bonus shall be paid as follows: (i) 50% within 30 days after the date of Change of Control; and (ii) 50% within 30 days of the first anniversary of such Change of Control, if Executive is still in the Company's employ as of that date. Should Executive's employment be involuntarily terminated without Cause or if Executive resigns with Good Reason or as a result of his death or disability prior to such first anniversary, Executive (or Executive's estate in the event of death) shall be entitled to the "first anniversary payment" within 30 days of such termination. Should Executive resign without Good Reason or his employment be involuntarily terminated with Cause prior to the first anniversary date, he shall not be eligible to receive any further amount on the first anniversary date. Payments under this Section 7 are separate and distinct from and in addition to any other payments contemplated under this Agreement.